Chicago was famous in the 1950s and 60s for its meatpacking plants, and Fulton Market was the center of that activity. In fact, you can still find old-school meat processing plants right alongside trendy companies like pickle makers and even tech startups. Like many Chicago neighborhoods, you’ll find both fancy and down-home restaurants--many award winning—and the area’s after-dark scene is thriving. Public transportation and Fulton Market’s location near the Chicago Loop have helped the neighborhood expand, and even though this is a kind of warehouse and commercial district, there is a definite residential aspect to this location. Because of the original commercial feel, there are plenty of condos and loft-type residences available.
Fulton Market is located on Chicago’s West Side. About 3000 households occupy the area, with just an average two people per household. Male and female numbers are about equal. Interestingly, over 96% of the residents are white collar workers with only a smidge over 3% blue collar employees.
Park and green space can be challenging to find in Fulton Market because of its commercial nature, but if you just take a short walk southwest, you’ll find the large Union Park comprised of tennis courts, a swimming pool, and a great playground. Plenty of shade and flowers make this a nice short getaway from the traditionally commercial-looking Fulton Market area. Take a longer 1.5 mile stroll east and you’ll find Bartleme Park; it features a wonderful dog run among other nice amenities. When you get hungry, you’ll realize that you are in foodie heaven. From international restaurants to down-home joints like Cemitas Puebla, you can find authentic Mexican and other more-exotic fare at great prices. If you want to cook your own food, try places like Isaacson & Stein Fish Co. where for over 80 years the proprietors have been offering a wide array of fresh seafood. And don’t forget the blues, so if you’re anywhere near Randolph and Halsted streets, you’re close to the famous Buddy Guy’s. If you go in January, you have a good chance of seeing Buddy himself.
Welcome to the August 2022 Chicago Apartment Report. In this assessment of the local rental market, Rentable data scientists and rental experts break down the August 2022 key findings and figures for the Chicago rental landscape.
Our experts analyze the pricing trends — one-bedroom, two-bedroom, year-over-year and month-over-month — in Chicago and surrounding areas and provide comparisons to the entire metro area, nearby cities and some of the most desirable and expensive cities in the United States. Take a look at the last 12 months of Chicago average rent prices in the chart below.
Chicago rent prices increased over the last month. From July to August, the city experienced a 3.65% increase for the price of a one-bedroom apartment. The rent price for a Chicago one-bedroom apartments currently stands at $1,619.0.
When we take a look at the two-bedroom comparison from July to August, Chicago experienced a 3.46% increase for the price of a two-bedroom apartment. The rent price for a Chicago two-bedroom apartments currently stands at $1,942.0.
Rent prices have increased in Chicago over the last month. But how have the surrounding areas fared when it comes to the recent volatility in apartment prices? Rent prices in 4 of the Chicago suburbs increased last month. On the other hand, 2 local areas experienced a decrease in the price of a one-bedroom apartment.
More key findings include:
Rent increased in Oak Park, IL, Evanston, IL, Naperville, IL, Arlington Heights, IL .
Rent decreased in Lombard, IL, Warrenville, IL.
2 suburbs are currently priced higher than the city of Chicago.
4 suburbs are currently priced lower than the city of Chicago.
Rent growth in Chicago over the past year has been on the rise. When compared to major cities nearby, along with some of the most expensive cities in the country, Chicago average rent prices appear to be relatively affordable for local residents.
The price for a Chicago one-bedroom apartment remains vastly more affordable than four of the largest cities in the United States — New York City, Washington, D.C. San Francisco and Los Angeles. And pricing compares quite similarly to nearby Midwest cities.
You can view the full rundown of Rentable's August 2022 National Apartment Report and data set here.
For more information about Chicago and surrounding area rent prices, take a look at the complete data set below.
|1 BR August||1 BR M/M % Change||2 BR August||2 BR M/M % Change|
|Oak Park, IL||$1,105.0||0.46%||$1,519.0||3.33%|
|Arlington Heights, IL||$1,325.0||0.38%||$1,597.0||1.14%|
Each month, using over 1 million Rentable listings across the United States, we calculate the median 1-bedroom and 2-bedroom rent prices by city, state, and nation, and track the month-over-month percent change. To avoid small sample sizes, we restrict the analysis for our reports to cities meeting minimum population and property count thresholds.